Paulson's fund (managed by former Lehman Bro, Mike Barr)
apparently lost a bid on TOUSA land in Florida to Starwood Land
Ventures LLC in January.

This time around, Paulson's Recovery Fund be the first bidder on
lots in various stages of development in Arizona, Colorado and
Nevada, two of the "bubble states" where land prices of finished
lots are soaring. (The third is California. Colorado is not a
bubble state.)

"If we take a piece of property to market we're going to have
every publicly traded homebuilder participate in a bid," Norm
Scheel, a principal in a California and Nevada land brokerage,
told Reuters.